How once-off gains are masking financial strain at SOEs
The R80 billion government debt relief provided crucial liquidity support, but the profit itself was earned through operational improvements (the end of load shedding and an increase in electricity sales) and tariff adjustments, not through a once-off asset sale or accounting gain.37 billion gain came primarily from unrealised fair value adjustments on equity investments (R832 million) and interest rate derivatives (R510 million), with smaller contributions from development loans and investment securities.82 billion profit was driven by core banking net interest income of R8.
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